Hi all! Back with the weekly roundup of great threads I’ve seen during the past week. Of course there’s plenty I’ll have missed, but below we have deep dives into the Bybit hack, crypto moods, US strategy, Bitcoin mining and more… 🧵👇✨ Let’s kick this off with crypto.

1) Omg the Bybit hack 😱😱😱.

@gauthamzzz details what happened, step-by-step.

https://x.com/gauthamzzz/status/1893004593979859410

Hi all! Back with the weekly threads recap, where I share some of the best X threads on crypto/macro I’ve seen this week.

As always, there are no doubt many I’ve missed, but you'll find plenty of deep ideas below. 🧵👇 Today you have a diagnosis of Bidenomics, what’s up with inflation, some real estate signs flashing red, Bitcoin mining ftw, crypto regulation, El Salvador and a whole lot more.

Let’s start with macro this time:

Hello everyone! Back with the weekly threads roundup, where I share great threads I’ve seen over the past few days that touch on either crypto or macro.

There’ll be plenty I’ve missed as always, but I hope there’s some new ideas in here for you. 🧵👇 1) Barely minutes after Gary Gensler left the SEC building for the last time as Chair, new crypto ETF filings started pouring in. @JSeyff helps us keep up – here’s a thread with just those filed on Friday. Give him a follow for more.

https://x.com/jseyff/status/1882906712765780291?s=48&t=35f3AbFpnaVo40jH44SlJw

Hello everyone! I hope you’re starting to feel the festive season ✨

Time for the weekly threads roundup, where I share some of the excellent crypto/macro threads I’ve seen over the past week. Predictions, developers, tokenization, value, debt spirals… a lot to chew on: Let’s start with crypto:

1) Ryan Rasmussen (@RasterlyRock) lists 10 crypto predictions for 2025 from the team at @BitwiseInvest.

https://x.com/RasterlyRock/status/1866874573616288030

Hi everyone! After a couple of weeks’ absence, the weekly thread summary is back, just in time for some deep exploration of timely and yet also eternal topics.

Let’s start with crypto-related topics: 🧵 This week saw a ton of excellent threads on the causes and consequences of debanking. Let’s fervently hope that the intensified attention will lead to an official re-think of policies that unjustly punish the innocent for fear they might to something wrong. 💪
/2

Just some examples of how FAST the crypto mood is changing:

1) Minneapolis Fed Pres. Neel Kashkari, who as recently as 3 weeks ago was insisting crypto was only used for drug deals and other criminal activities, now says he “will have an open mind”. /1

coindesk.com/policy/2024/11… As if having an open idea was a novel idea for an influential monetary official, don’t get me started… /2

Crypto markets are currently in a very strange lull. Realized 30d volatilities for both BTC and ETH are off their record lows from earlier this year, but in the case of ETH, not by much. (chart @glassnode)🧵 This is despite some big shifts in both ecosystems: BTC fees shot up last week due to high transaction due to ordinals. Ethereum recently underwent a key upgrade that enabled staking withdrawals, leading to a net increase in staking demand. /2 (chart @21Shares @DuneAnalytics)

A 🧵on Sudan – we’re not just witnessing a local civil war, it’s the collapse of a significant part of the Africa/ME puzzle as well as the result of shifting geopolitical allegiances shaping international influence. The fighting for now is isolated, but the stakes are global. /1 It wasn’t that long ago, in 2019, that the world celebrated the overthrow of the country’s dictator Omar al-Bashir (in power since 1989), who has been accused by the International Criminal Court in the Hague for genocide against the people of Darfur. /2
aljazeera.com/news/2021/8/12…

Time for a thread on on-chain metrics that are flashing close-to-bottom signals, going by historical patterns. Some caveats: 1) the markets today ARE different, much more institutional/macro, 2) crypto doesn’t have a whole lotta history yet. That said, here goes: Realized price – the average purchase cost of all BTC holdings divided by the outstanding # of BTC. Market price has just dipped below. This has only happened twice before in past 5 yrs, in Nov ’18 and Mar ’20. Took 4.5mo + 1wk respectively to go back above. (charts @glassnode)

I’ve been asked a few times over the past couple of days how much leverage there is in the crypto markets. While there is no comprehensive data on all types of leverage, I keep an eye on BTC perp open interest (OI) as a barometer, and: /1 First, why this metric? BTC perpetual futures are contracts that just keep rolling over – no expiry date (hence “perpetual”). This makes them easier for many traders/investors – less hassle, less expiry loss, wide variety of underlying assets… /2

A run on Celsius could end up having a bigger impact on the market as a whole than the collapse of the Terra ecosystem – that hurt a lot, but was relatively isolated. This implosion could impact many ecosystems, as Celsius has a range of assets leveraged on several platforms. /1 Plus, with the relative lack of transparency around Celsius holdings, the hits we know it has taken recently (BadgerDAO, Stakehound, LUNA/UST) and its borrowing over the past month, market concerns around its solvency are building. /2

https://twitter.com/MikeBurgersburg/status/1533133666884395009?s=20&t=TZWMZQ7qthOohwobM2SxPA

Hearing a lot of people say that this crisis is going to be like 2008. It’s not. Here’s how it’s different (thread incoming!) – TLDR; supply shocks are very different from debt shocks. /1 1) 2008 was a banking/financial crisis. This isn’t. That’s important because when debt is the main culprit, lowering interest rates can make a difference. Especially when you actually have interest rates to lower. /2

This piece by @mikejcasey for @coindesk hints at the changing role of central banks. The shift is deeper than most realise – and, combined with other developments in the central bank world, points to a MIND-BLOWING change in their role. /1
coindesk.com/a-decade-of-qu… @mikejcasey @coindesk It’s not just that central banks are seriously thinking about digital fiat or CBDCs, although that is kinda huge. It’s that they are contemplating the re-wiring of money creation. And here’s the thing – that’s NOT, technically, in their mandate. /2